Bitcoin Network Hashrate Rose 4% in First Two Weeks of August: JPMorgan
Bitcoin’s network hashrate climbed 4% during the initial fortnight of the month, reaching an average of 937 exahashes per second (EH/s), according to a Monday research note from Wall Street institution JPMorgan (JPM).
Hashrate signifies the aggregate computational power dedicated to mining and validating transactions on a proof-of-work blockchain, serving as an indicator of industry competition and operational complexity.
The cumulative hashrate of the 13 U.S.-listed mining firms monitored by the bank surged 94% compared to the prior year, nearly twice the 48% growth observed across the global network. These U.S.-based entities now represent 33.6% of the worldwide total, marking an all-time high.
“We calculate that miners generated approximately $56,300 in daily block reward income per EH/s over the month’s first half, reflecting a 2% decrease from the previous month,” wrote analysts Reginald Smith and Charles Pearce.
The hashprice, a metric tracking daily mining profitability, also dropped 2% relative to July’s closing figures, the report noted.
Combined market capitalization for the mining firms covered by the bank rose 6% this month to $33.7 billion. Companies with high-performance computing (HPC) initiatives outperformed others after TeraWulf (WULF) disclosed a colocation partnership with Fluidstack and secured investment from tech titan Google (GOOG).
TeraWulf’s shares surged significantly in early August, gaining 74%, while Riot Platforms (RIOT) lagged with a 16% downturn, the analysis added.
Read more: Bitcoin Mining Profitability Increased 2% in July During BTC Price Surge, Jefferies Reports
Source: cryptonews.net
